Sri Lanka’s largest private bank, the Commercial Bank of Ceylon, and the country’s leading life insurer, Ceylinco Life, have collaborated to enable Ceylinco Life policyholders to make premium payments through the Q+ Payment app of the Bank and its island network of Cash Recycler Machines (CRM).
Thanks to this development, policyholders of Ceylinco Life can pay their insurance premiums conveniently and securely from anywhere, 24 hours a day, 7 days a week, 365 days a year, the Bank said. Payments will also be validated in real time and updated the same day.
The Bank said the continued digitization of payments is particularly timely and important, given that security and convenience are top priorities in the minds of customers, especially in the context of pandemic-related risks associated with physical contact. .
Ceylinco Life policyholders can pay their premiums via their smartphone by simply downloading the Q+ Payment application from the App Store or Google Play Store, registering by filling in the required information (user ID and e-mail) and creating a Q+ Payment App account. . In order to activate premium payment, policyholders must link their ComBank credit, debit or prepaid cards to the app, click on the “Bill Payment” menu on the app, select “Ceylinco Life” as service provider and insert the required details.
Customers can also save their recurring bonus payments under the “Favorites” tab to avoid re-entering billing account numbers. Since a Personal Identification Number (PIN) is required to authenticate bill payments, the whole process is hassle-free and secure.
Alternatively, policyholders can also visit one of the 275 commercial bank CRMs across the country, select “Cardless Deposits” on the machine’s home screen, select insurance payments to Ceylinco Life under the option “Bill Payments” and make payment of their dues within a matter of minutes, the bank said.
“Insurance” is the latest category added to the “In App Payments” functionality of the Q+ Payment app. The app already allows users to make in-app bill payments across eight categories such as data top-ups, prepaid and postpaid mobiles, landlines, utilities, water and electricity (CEB and LECO), pay TV bills, credit card outstandings and reloading of prepaid cards.
Named Service Brand of the Year in Sri Lanka by the Sri Lanka Institute of Marketing (SLIM) and voted “Most Popular Service Provider” in the Life Insurance industry in Sri Lanka in 2021, Ceylinco Life is the the country’s leading life insurer for more than half of its 34-year history. The company has nearly one million lives covered by active policies and is recognized as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development, sustainability and corporate social responsibility.
The first 100% carbon neutral bank in Sri Lanka, the first Sri Lankan bank to be listed among the world’s top 1000 banks and the only Sri Lankan bank to be listed for 11 consecutive years, Commercial Bank operates a network of 268 branches and 938 machines. machines in Sri Lanka. Commercial Bank is Sri Lanka’s largest SME sector lender and is a leader in digital innovation in the country’s banking industry. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he owns a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.